Integrated Fraud Prevention
Protect your shoppers and prevent fraudsters simultaneously
WHY IS FRAUD PROTECTION SO ESSENTIAL?
Combatting the speed -growing fraud and data interception around the globe should be the top priority for every business accepting CNP (card not present) payments. Any Ecommerce or MOTO transactions need to work close to the payment's provider with excellent fraud prevention solutions to ensure that their customers’ data and the prevention engine are the best can be.
In certain cases, fraudsters holding hacking card data allow them purchase on your website. As a merchant, you will deliver the product before the card holder opens a dispute and ask for reimbursement (chargeback). You may be left without the product and without the money. In addition, the payments provider or acquiring bank will learn about the fraud and may terminate your merchant account, breaching chargeback thresholds rate, and/or FRAUD TO SELL rate. You'll be put on a blacklist, or pay fines, meaning it will be hard to reopen a new merchant account.
Losses in the billions
In Europe, losses due to fraud reached approximately 1.8 billion EUR in the year 2016. The UK experienced the highest losses for a single country, where in 2015 the total loss was 646 million EUR and in 2016 it increased to 703 million, represent about 9%. The UK and France alone contribute almost 75% of all card fraud in Europe.
Rising fraud trends
Card Verification Code/value
This is a 3-digit code printed on the back of cards, this is the 1st tier of protection t f. The payment gateway will not accept a payment without the CVC/CVV code is missing, as without it, it will not be authorized3D Secure
Verified by Visa and Mastercard Secure Code are the 2nd tier of protection. it is known as 3D Secure p. while purchasing a special password needs to be entered, which is usually a PIN generated by a issuer, it can be also a code like OTP, which will gives essential safety net and protect merchant from chargeback’s..
OPTIONAL EXTENDED CHECKS
Our internal RBS (rules-based system), runs more rules and checks like:
It is some more sensitive rules that all of them help us to minimize fraud possibilities.